1.
U.S. markets recover from steep losses
NEW YORK, April 26 (UPI) -- A lawsuit against Goldman Sachs & Co. was filed in federal court in New York Monday, alleging the financial giant deceived investors about its financial health.
Robbins Geller Rudman and Dowd, the law firm that won $7.2 billion in a suit against energy trader Enron, seeks class-action status for its case, CNN reported. The firm said it is suing on behalf of Howard Sorkin, Ilene Richman and "all other similarly situated" investors.
The lawsuit names Chief Executive Officer Lloyd Blankfein, Chief Financial Officer David Viniar and President Gary Cohn among the defendants.
The suit alleges Goldman Sachs caused investors to buy its stock at artificially inflated prices, knowing the U.S. Securities and Exchange Commission was investigating allegations the bank sold mortgage-backed securities secretly designed to fail.
The lawsuit seeks to represent investors who bought shares between Oct. 15, 2009, and April 16 of this year. Those dates bookend when Goldman Sachs announced its 2009 third-quarter results and when the SEC brought fraud charges against the bank.
CNN said a spokesman for Goldman Sachs didn't immediately return a message seeking comment.
Suits also were filed last week by investors Robert Rosinek and Morton Spiegel.
|
|
|
|
|
|
| Additional Business News Stories | |
JAKARTA, May 24 (UPI) --
Indonesia needs to address loopholes in its moratorium on deforestation, Greenpeace said.
|
LISLE, Ill., May 24 (UPI) --
A new special operations tactical vehicle has been unveiled by three U.S. companies.
|
First-time buyers are driving the expectations that a recovery has begun. Their numbers and market share are growing despite financing roadblocks and competition with investors for entry-level homes. ...
|
It is a whole new ball of wax in Europe these days.
|
| Stories | Photos | People | Comments |
View Caption
